ISLAMABAD: Pakistan will begin investor roadshows on Thursday for a possible sale of US greenback-denominated Islamic bonds, aiming to start the pricing and ebook-constructing course of subsequent week, the Ministry of Finance stated on Wednesday.
If profitable, the deal would mark Pakistan’s return to the worldwide sukuk market after a two-yr absence. It final raised $1 billion by way of sukuk in late 2014.
Investor conferences will begin on Thursday within the United Arab Emirates earlier than shifting to London on Friday and concluding in Boston and New York on Oct three and four.
“There will probably be pricing and guide-constructing on the fifth, after which we’ll decide on this. Phrases and circumstances are clearly dictated by the market,” stated Finance Ministry spokesman Mehreen Liaquat.
Investor shows will probably be made by the central financial institution governor and finance secretary.
Citi, Commonplace Chartered, Dubai Islamic Financial institution and Noor Financial institution of the United Arab Emirates had been appointed to rearrange the sukuk concern, banking sources stated.
Deutsche Financial institution can also be more likely to be concerned, based on one of many sources with direct information of the deal.
Deutsche Financial institution declined to remark.
Citi, Deutsche, Dubai Islamic and Normal Chartered have been joint lead managers of Pakistan’s greenback sukuk difficulty in 2014.The brand new deal can be benchmark-sized, in accordance with two banking sources, which historically means at the very least $500 million.
The fund-elevating plan by Pakistan, rated B3 by Moody’s and B- by Normal & Poor’s, comes at a busy time within the area’s debt capital markets.
Oman is predicted to finish a $1.5 billion bond sale this week by means of faucets of its 5- and ten-yr notes, whereas Bahrain began a roadshow on Wednesday for a twin-tranche debt supply comprising a sukuk concern and a standard bond.
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